Asian Markets Mostly Rise as Investors Assess Big Tech Earnings
Asian markets mostly rose on Friday, following a positive lead from Wall Street overnight. Japan’s benchmark Nikkei 225 and Topix indexes advanced for the third straight day, with the Nikkei 225 gaining 0.15% to close at 39,572.49 and the Topix index rising 0.24% to close at 2,788.66.
The Tokyo consumer price index, excluding fresh food, rose 2.5% year on year in January, in line with Reuters’ estimates. Japan’s unemployment rate for December fell to 2.4%, missing Reuters’ estimates of 2.5%. Retail sales for December climbed 3.7% from the previous year, while industrial output figures for December grew 0.3% month on month, following a 2.2% drop in the previous month.
In South Korea, the Kospi retreated 0.77% to end the day at 2,517.37, while the small-cap Kosdaq closed flat at 728.29. In Australia, the S&P/ASX 200 rose for the third consecutive day to close at an all-time high, climbing 0.45% to 8,532.30. The country’s producer price index rose 3.7% through the year to the December 2024 quarter.
Indian stocks were trading higher ahead of the country’s Union Budget on Saturday, with the benchmark Nifty 50 gaining 1.18% and the BSE Sensex index advancing 0.94% as of 1:30 pm local time. Hong Kong and Chinese markets remain closed for the Lunar New Year holiday.
In the US, all three major indexes rose overnight, with the Dow Jones Industrial Average climbing 0.38% to 44,882.13, the S&P 500 rising 0.53% to 6,071.17, and the Nasdaq Composite gaining 0.25% to 19,681.75. Stocks cut gains late in the session after US President Donald Trump announced his intentions to implement 25% tariffs on US imports from Canada and Mexico.